Quote:It appears to work by being a 1:1 clone of a gamecart, basically a bootleg. It won't open the doors to homebrew at all, only piracy.
It will be easily blockable by nintendo in one fell swoop. Possible methods of blocking include checking read speed or game ID. All future games will probably be packaged with said update so it will be unavoidable.
It will require one micrSD per game and the SD will have to be the same size as the game, this is how current games work and are recognized by the 3DS, it would fail otherwise. There is no 'switcher' where you load up the cart and can pick one game out of several from one microSD card as no one can write homebrew code for 3DS yet.
There is only one save slot in a gamecart. Everytime you switch your microSD, the save would not change and when you load the game it would be recognized as corrupt and the 3DS will delete the save. You would have to use some kind of dongle to download the save everytime as it is not on the microsd.
I'm sorry if this isn't what you want to hear but it's closer to the truth than what many may be thinking this actually is.
tl;dr - It is almost useless as it not a 'hack' or 'exploit' just a bootleg and nothing like the flashcarts you know today. It could be blocked almost instantly.

Correct it is a start but when you think about it it can only mean that they can improve upon it to eventually allow for the ability to be able to do everything regular carts usually do, but on the 3DS which would be REALLY, REALLY, COOL!!!!!!

well that is clearly sort of pirating a 3ds, a 1:1 clone, maybe some chinese factories will now mass produce cheap 3ds cartridges based in this flashcart (like the first ds cheap games that was sold here in south east asia), but none the less not worth it, i like to have more homebrew in my 3ds than pirating 3ds games